Nvidia Breaks To New All-Time High, Flashes Signal The Local Top Is In: This NVDA Bear ETF Offers Leverage
Portfolio Pulse from Melanie Schaffer
Nvidia Corporation (NASDAQ:NVDA) opened about 6.6% higher on Thursday after announcing better-than-expected Q2 earnings and a $25 billion share buyback. However, the stock is expected to pull back over the next few days as it needs to print a higher low and its relative strength index (RSI) is nearing the 70% mark. The AXS 1.25x NVDA Bear Daily ETF (NASDAQ:NVDS), which tracks 125% of the opposite daily performance of NVDA, offers a way to play Nvidia bearishly.
August 24, 2023 | 6:23 pm
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POSITIVE IMPACT
The NVDS ETF, which tracks 125% of the opposite daily performance of NVDA, offers a way to play Nvidia bearishly.
The NVDS ETF, which tracks 125% of the opposite daily performance of NVDA, offers a way to play Nvidia bearishly. The ETF reached a new all-time low, which could indicate a rebound.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Nvidia's stock is expected to pull back in the short term due to its RSI nearing the 70% mark.
Nvidia's stock opened higher after announcing better-than-expected Q2 earnings and a $25 billion share buyback. However, the stock is expected to pull back over the next few days as it needs to print a higher low and its RSI is nearing the 70% mark.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100